Oxford Properties Group and Novaxia have bought the Biocitech life sciences campus in Paris, France.
The deal is the first acquisition by the partnership, which was formed in May to invest €1bn into life sciences buildings across France. The move also follows Oxford Properties’ ambition to launch a platform for its life sciences portfolio in the next two to four years, as part of its bid to become a major player in the sector.
Biocitech comprises 226,000 sq ft of lab, office and storage space across seven buildings. The campus is leased to 17 tenants, including Galapagos, Mutabilis and Nextdot.
Oxford and Novaxia plan to invest in and reposition the Biocitech site to create close synergies between occupiers and to optimise opportunities for internal and external collaboration. The plans will kick off in the short term with work on improvement of the laboratory space and reduction of energy consumption.
Pierre Leocadio, senior vice president and head of European investment at Oxford Properties, said: “We will use our early mover advantage and leverage our global experience from across North America and the UK to create compelling life sciences real estate solutions in the French market.
“At Biocitech, we aim to create a premier campus that serves the entire life and product cycle of biotech firms which is an increasingly important sector in France.”
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